Guideline Value for South Lock Road

South Lock Road guideline value

The current guideline value of South Lock Road in Kathivakkam village is Rs 1,000 per sq.ft, effective from 1 July 2024. This street falls under the Thiruvottiyur SRO and is classified as Residential Class I Type - II.

How the guideline value of South Lock Road has changed

The guideline value for South Lock Road has seen several revisions over the years. In the 2002 revision, the guideline value was Rs 105 per sq.ft. This increased to Rs 145 per sq.ft in 2003, marking a change of +38%. The value then rose to Rs 200 per sq.ft in 2007, a further increase of +38%. In 2012, the value was Rs 600 per sq.ft, which represented a significant increase of +200%. However, from 2012 to 2017, the value decreased to Rs 402 per sq.ft, showing a decline of -33%. The 2017 revision saw the value rise to Rs 1,000 per sq.ft in 2023, reflecting an increase of +149%. The current value remains the same at Rs 1,000 per sq.ft for the 2024 revision, indicating a change of +0% from the previous year.

There are no figures available for the years not mentioned in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by +852%.

Guideline values in Kathivakkam

Kathivakkam has a total of 47 streets under the Thiruvottiyur SRO, with 2024 guideline values ranging from Rs 1,000 to Rs 1,600 per sq.ft. The median value for these streets is Rs 1,001 per sq.ft, placing South Lock Road's 2024 figure below that median.

• South Pragaram Street: Rs 1,001 per sq.ft (2024)
• Sivanapadai Veethi: Rs 1,100 per sq.ft (2024)
• Sri Ram Koil Street: Rs 1,000 per sq.ft (2024)
• Selvamani Nagar: Rs 1,001 per sq.ft (2024)
• Sathya Nagar: Rs 1,100 per sq.ft (2024)
• Sastri Nagar: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in South Lock Road

For a 1,000 sq.ft plot at the current guideline value of Rs 1,000 per sq.ft, the total guideline value amounts to Rs 10,00,000. The stamp duty at 7% would be Rs 70,000, and the registration fee at 2% would be Rs 20,000, bringing the total fees together to Rs 90,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers South Lock Road?

The Sub Registrar Office that covers South Lock Road is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. To find your SRO, you can visit find your SRO.

How the guideline value is used when you buy or sell in Kathivakkam

The guideline value is a crucial factor in the registration process when buying or selling property in Kathivakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately.

When registering a property, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both the buyer and seller are aware of the financial obligations involved in the transaction.

Frequently asked questions

What is the current guideline value of South Lock Road?

The current guideline value of South Lock Road is Rs 1,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 105 per sq.ft in 2002 to Rs 1,000 per sq.ft in 2024, representing an overall increase of +852%.

What are the stamp duty and registration fees for properties in South Lock Road?

For a property valued at Rs 10,00,000, the stamp duty would be Rs 70,000, and the registration fee would be Rs 20,000, totaling Rs 90,000.

Which office handles property registrations for South Lock Road?

The Thiruvottiyur Sub Registrar Office handles property registrations for South Lock Road, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.

What is the land classification for South Lock Road?

South Lock Road is classified as Residential Class I Type - II, indicating its designation for residential use within the area.